BNP Paribas REIM acquires residential complex in Woluwe

Tim Harrup

There has been another acquisition transaction on the Brussels market, this time involving a residential complex. BNP Paribas REIM Belgium has announced that it recently acquired, on behalf of After Pierre SC (an open-ended pan European fund) and After Pierre Holding Belgium SA all the shares of the Konkel propertiesSA limited company, holding a residential building of some 3 848 sqm, called Opera III. It is located in Brussels and comprises 33 large apartments spread over eight floors.

The property is very well located in Woluwe Saint-Pierre, which is one of the most sought-after residential communes of the Brussels-Capital Region. This location in the south-east of Brussels is considered one of the most exclusive and greenest municipalities in the capital. On the edge of the Forest de Soignes, it features many green areas such as Mellaerts ponds, Woluwe park, Parmentier park, promenade of the old railway. Woluwe Saint-Pierre also includes the wide, park-lined, Avenue de Tervueren and the numerous embassies located near the Montgomery Square. The property is located a short walk from Stockel, close to shops and to the Woluwe Shopping Centre. Opera III is currently almost fully occupied and let to a large variety of Belgian and international clients.

Casper van der Woude, Director Belux for BNP Paribas REIM, comments: “This acquisition highlights BNP Paribas REIM’s ability to source investment opportunities on an off-market basis which enables our institutional investors to diversify into other asset classes in the Eurozone. It helps strengthen the fund’s portfolio already composed of two office buildings and one residential asset in France and a logistics platform in the Netherlands.” BNP Paribas REIM was advised on this transaction by Allen & Overy, ProGroup, KPMG France and BNP Paribas Real Estate.